This new round of equity capital from Almanac will be utilized to fund acquisitions, developments, and credit investments within the multifamily sector.  ECI will target the acquisition of existing 1990s vintage or newer multifamily communities, as well as the development of new multifamily communities in the Southeast and Texas. ECI’s investments will be both direct, on balance sheet, and through new, project-level joint venture partnerships.

ECI CEO, Seth Greenberg, said, “ECI is excited to take our long relationship with the team at Almanac to a new level, investing alongside them as we take our existing portfolio of 7,600 units in 28 properties throughout the Sunbelt and refine and grow that portfolio through both acquisitions and our in-house development team. We see the opportunity for a fully integrated, experienced company like ours to invest in markets with substantial shortages of market-rate apartments of all types.”

“ECI is a deep and sophisticated platform with significant operating and investment capabilities. Under the leadership of Seth Greenberg and team, the company has positioned itself to execute on a broad opportunity set within the multifamily space,” said David Haltiner, Managing Director at Almanac. “We look forward to establishing this long-term partnership and supporting ECI’s growth initiatives.” 

“Timing is everything,” said Ted Flagg Senior Managing Director, Jones Lang LaSalle Securities, LLC (“JLL Securities”), an affiliate of Jones Lang LaSalle Americas, Inc., “ECI, a 50-year Southeast vertically-integrated operator and developer, now has substantial capital to play offense in a market real-time pivoting to moderated cost of debt while multifamily fundamentals hold firm.” The equity transaction was managed by Ted Flagg, JLL Securities in collaboration with Roberto Casas, Co-Head of JLL Capital Markets’ Living Sector in the U.S.